With the change in the seasons, we are beginning to experience a change for the positive in the real estate market in the area. As I have said previously, the change is not going to be a quick fix but rather a slow improvement in the market. But in comparison to many other areas of the country, we are in much better condition and this should continue going through the rest of the year.

The number of sold homes decreased by 3% in 2010 compared to 2009, but this is much improved over the 20% decrease we experienced in 2009 compared to 2008. And the average sales price for the same period decreased by less than 1% to $179,057. Although the days on market increased to 98 days, we are now back to what I call a normal market that was common prior to 2003.

As with last year, the mortgage rate environment is still extremely favorable to buyers, although rates on a 30 year mortgage have increased slightly to 5.25% compared to 5% in 2009. It is my opinion that these rates will continue to increase gradually as we go through 2010. But be sure that lenders have plenty of money available for qualified borrowers and that again should continue throughout the year. So what should a potential home buyer do in this environment, my opinion is take advantage of the low rates and the plentiful inventory that is in the market. There are approximately 4900 residential units available for sale at this time. In conclusion, we are moving onward and upward in the area and take advantage of the positive situation while it is available.

 

Average Sales Price
West Shore
School District
2009
2010
Days on Market
Camp Hill
$218,051
$138,560
119/71
Cumberland Valley
$237,685
$237,875
98/92
West Shore
$192,241
$168,876
89/62
Northern
$261,380
$205,270
136/97
Mechanicsburg
$206,677
$209,006
74/65
East Shore
Central Dauphin
$214,801
$174,302
92/101
Derry Township
$218,064
$205,865
97/103
Harrisburg
$ 63,960
$ 95,110
89/74
Lower Dauphin
$213,629
$210,019
70/164
Middletown
$123,344
$101,388
90/93
Steel High
$ 93,490
$ 65,127

56/108
Susquehanna Township
$163,731
$186,745
110/110